Savills March regional auction sees results from the rostrum

A packed room and competitive pricing saw over £3.7million raised and 97% sold at the latest Savills regional auction in Nottingham, which took place at the city’s racecourse on Wednesday 23rd March 2016.

Highlights included:

– The sale of the former Peacock Inn on Church Corner in Redmile, near Grantham. The property was guided at £350,000 – £450,000 and attracted a high level of interest from bidders in the room, after some intense competition the lot was sold for £470,000 to a developer looking to convert the building to residential use. 

– Westfield Farm in Westborough, Newark was offered at a guide price of £470,000 and finally saw the hammer fall at the significant sum of £600,000.

– Development sites on Coronation Street and Christchurch Road in Nottinghamshire, guided between £300,000 and £350,000. The lots sold for £305,000 and £310,000 respectively, proving that positive sentiment remains in the market especially from small private developers.

– 37 Parkway, Forest Town, Mansfield, which sold for £80,000 against an original guide of £55,000 –  £60,000.

– 15 Middle Orchard Street, Stapleford. A traditional mid terrace offered for sale in need of upgrading and modernisation. Guided between £60,000 and £65,000, the property sold in the room for £75,500.

– 2 Carr Road, Bingham, guided between £130,000 to £150,000, the lot provided an excellent opportunity to acquire a modern detached bungalow in a sought after location and sold above guide price at £155,000.

Bob Crocker, auction manager and director at Savills Nottingham, comments: “This month’s auction has yet again shown strong demand for traditional properties, representing an ideal purchase for investors and developers. This was to be expected given the new changes to stamp duty on second homes, which came into force at the start of April and our auction was timed to allow investors another opportunity to secure additional properties at the lower rate.

“Moving forward, there is still strong demand for residential properties of all price ranges to be offered at auction. Those with a genuine need to sell should be encouraged by past results and look to the auction process as a way to achieve a sale potentially within a much shorter time frame than other methods of sale”.

Paul Giles, head of commercial auctions at Savills Nottingham, comments: “This auction, once again generated considerable enthusiasm from those in attendance, with a number of properties selling for significantly above the guide price. People are still willing to bid big on commercial lots, purchasing a wide variety of different properties at a strong price in locations across the country.”

The next Savills regional auction in Nottingham will take place on 19th May 2016, with deadlines for entries on Thursday 28th April.

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